Sepp's Gourmet Foods founders acquire energy bar company
The founders of Sepp's Gourmet Foods, which was sold to Ralcorp Holdings (NYSE:RAH) in 2010, are back in business with the acquisition of PROsnack Natural Foods Inc.
The North Vancouver-based company produces protein and energy bars under the Elevate Me brand, which is sold across Canada and in the U.S.
When Sepp's Gourmet Foods was sold in 2010, it had annual sales of $29 million. The company made frozen breakfast foods.
After a non-compete clause that came with the sale of Sepp's Gourmet Foods to Ralcorp ended, founders Alan Maddox and Jim Pratt began casting about for a new company to invest in, and settled on one in their own backyard of North Vancouver.
"We loved the sector that it was in," Maddox told Business in Vancouver. "It's clean and healthy. It's a good space."
The acquisition was finalized earlier this month. Maddox said the company plans to continue expanding in Canada and the U.S. and internationally.